Corn futures are called 4 to 5 cents higher. As of 6:45 am CT was 4 1/2 to 5 cents higher. Futures prices rebounded overnight after a day of slightly volatile trade. Recent gains in the wheat and soybeans markets will lend support to prices. However, gains will be limited by reported harvest progress of 86 percent of the corn crop planted.
Soybean futures are called 17 to 20 cents higher. As of 6:45 am CT was 15 1/2 to 19 cents higher. After two days of losses, soybean futures are on the rise. The overall fundamentals remain bullish for the market. Tight supplies and strong demand will lend support to prices.
Wheat futures are called 3 to 7 cents higher. Overnight trade at 6:45 am CT was 5 1/4 to 6 3/4 cents higher at the CBOT, 6 3/4 to 7 cents higher at the KCBT, and 3 to 3 3/4 cents higher at the MGE. Wheat futures are seeing added support from gains in both the corn and soybean markets. Winter wheat is ahead of schedule with 72 percent headed, up from 63 percent the previous week. Look for favorable weather in the US plains to limit gains.
Cattle futures are called to open higher. Prices rebounded after choppy trade yesterday. Cattle futures are encouraged by improvement in wholesale beef prices. Both choice and select were up $1 to $2 yesterday.
Lean hog futures are called to open higher. Hog futures are holding steady as wholesale pork prices remain positive and demand strong. The pork cut-out value is the highest it’s been since mid-March at $81.99. The rally in the cattle market also lends support to hog futures.
Cotton futures are trading mixed this morning. Fundamentals of cotton remain bearish as supply continues to increase. As cottons futures try to recover from near two year lows, look for the market to consolidate.